Two-Unit Duplex with Finished
For Sale
$659,900
56 Yarmouth Road, Gray, ME 04039
MULTI_FAMILY - Colonial - Gray, ME
Property Size2,793 SF
Lot Size0.75 Acres
Price / SF$236.27
Days on Market29
Property Features for 56 Yarmouth Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
MD
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bathroom 2, Basement
Parking features
Heated
Patio and Porch features
Porch, Deck
Interior features
1st Floor Primary Bedroom w/Bath, Storage
Basement
Unfinished, Full, Finished
Lot features
Open, Level, Near Golf Course, Near Turnpike/ Interstate, Near Town
Standard status
Active
Size
2,793 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5506
Utilities
Sewer type
Public Sewer
Heating system
Oil, Hot Water(Heating), Propane (Heating), Baseboard
Water source
Public
Building Details
Year built
1945
Number of units
2
Flooring type
Tile, Carpet, Wood
Building materials
Wood Frame, Vinyl Siding
Roof type
Shingle
Architectural style
Colonial
Additional Structures
Storage
Listing Agency:
Landing Real Estate
(207) 775-7653
Listed By:
Matthew DiBiase
(207) 775-7653
Added: Jul 14
Changed: Aug 2
Last Checked: Aug 11 at 8:06AM
MLS# 1664311
Copyright © 2026 Maine Listings. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This Colonial two-unit duplex offers flexible layouts for owner-occupants, multi-generational living, or rental use. The main unit includes three bedrooms, featuring a private primary suite with a jacuzzi tub and office area, plus a full bath and a half bath. A cathedral-ceiling family room with abundant natural light connects to a private back deck, and the open kitchen provides direct access to the outdoor entertaining area. The second-floor unit includes an open-concept kitchen, living, and dining area, along with two bedrooms, a full bath, and a private second-floor deck overlooking the backyard. A finished basement adds additional options for living space, an office, gym, or recreation area.
Set on a 0.75-acre lot, the home is served by public water and public sewer. Construction is wood frame with vinyl siding and a shingle roof. Heating includes oil, hot water (heating), propane (heating), and baseboard.
On-site parking includes a heated detached two-car garage with ample storage space above, along with a porch and decks.
Set on a 0.75-acre lot, the home is served by public water and public sewer. Construction is wood frame with vinyl siding and a shingle roof. Heating includes oil, hot water (heating), propane (heating), and baseboard.
On-site parking includes a heated detached two-car garage with ample storage space above, along with a porch and decks.
Key Highlights
- Main unit: three bedrooms with private primary suite, jacuzzi tub, and office area
- Second‑floor unit: open‑concept kitchen, living, and dining plus two bedrooms and a full bath
- Finished basement suitable for additional living space, office, gym, or recreation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,356
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$987,120
$987.1K
Cap Rate 7%
$705,086
$705.1K
Cap Rate 9%
$548,400
$548.4K
Market Conditions
NOI Build-Up for 2,793 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$75.4K $27.00/SF
− Vacancy
−$4.9K −$1.76/SF
EGI
$70.5K $25.25/SF
− OpEx
−$21.2K −$7.57/SF
NOI
$49.4K $17.67/SF
Area
Cumberland County, ME
Vacancy
6.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$987,120
Cap Rate 7%
$705,086
Cap Rate 9%
$548,400
Alternative Uses
Best Use
Multifamily LT 5
$705.1K
$617.0K – $822.6K
NOI $49,356 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$656.0K
$574.0K – $765.3K
NOI $45,919 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$767.7K
$671.7K – $895.6K
NOI $53,736 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
193
Businesses Nearby
Explore this area
Business Placement
Demographics for 04039, ME
7,922
Population
4,265
Households
1.9
Avg Household Size
43
Median Age
46%
College-Educated
97%
High-School Grad
40.9 sq mi
ZIP Area
194
Density / Sq Mi
$94,284
Median Household Income
$55,646
Median Earnings
$1,321
Median Rent
$333,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit Colonial duplex with a finished basement, public utilities, and heated detached two-car garage for versatile living.
Where is this duplex located?
The property is located at 56 Yarmouth Road Gray, ME.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Main unit: three bedrooms with private primary suite, jacuzzi tub, and office area; Second‑floor unit: open‑concept kitchen, living, and dining plus two bedrooms and a full bath; Finished basement suitable for additional living space, office, gym, or recreation
